By Shane McGinley www.arabianbusiness.com
Palazzo Versace Dubai, the AED2.3bn ($626m) hotel and residences branded by the Italian fashion house, has sold 80 percent of its units, the developer behind the venture has said.
Emirates Sunland Group, a joint venture between the UAE’s Emirates International Holdings and Australian-based Sunland Group Limited, also said construction on the luxury property is more than 80 percent complete.
“[The resort] has continued its construction during a very difficult economic time,” said managing director Soheil Abedian. The property is 81 percent complete, he said.
The Versace-branded resort will include 169 private apartments and 217 hotel suites, decorated with furnishings from the Italian designer’s Home range.
The Dubai property will be the second Palazzo Versace resort, following the first on Australia’s Gold Coast. A further 13 are planned worldwide.